Subscribe free to our newsletters via your
. Military Space News .




OIL AND GAS
Statoil comes up dry in Norwegian Sea
by Daniel J. Graeber
Oslo, Norway (UPI) May 22, 2015


disclaimer: image is for illustration purposes only

The Norwegian government said Friday energy company Statoil came up empty-handed when drilling in a frontier prospect near the Helm field in the Norwegian Sea.

The Norwegian Petroleum Directorate said Statoil is finishing drilling operations at wildcat wells, those drilled in an area not previously known to contain oil or gas reserves, about three miles north of the Hyme field.

"The well is classified as dry," the NPD said in a data review.

The company spent more than $790 million on developing the Hyme prospect, getting the project into production ahead of schedule in early 2013.

Statoil estimates the field holds as much as 30 million barrels of oil equivalent. Most of the recoverable reserves exist as oil deposits. The company said the field, discovered in 2009, should be able to produce oil and natural gas past 2020.

NPD said preliminary data from April show an average daily production rate of about 1.9 million barrels of oil, natural gas liquids and condensate.

The oil production is about 5.6 percent above the NPD's prognosis for the month. Natural gas sales were lower because of maintenance work at onshore processing facilities.

Statoil said it spent $355 million on exploration, down from the $433 million spent during the first quarter of 2014. Its equity production increased 4 percent from first quarter 2014 to 2.05 million barrels of oil equivalent per day.


Thanks for being here;
We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor
$5 Billed Once


credit card or paypal
SpaceMediaNetwork Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle








OIL AND GAS
Are US Drillers Actually Making A Comeback?
Washington DC (SPX) May 22, 2015
Is US shale about to make a comeback? Oil prices have rebounded strongly since March. The benchmark WTI prices soared by more than 36 percent in two months, and Brent has jumped by more than 25 percent. There is a newfound bullishness in the oil markets - net long positions on Brent crude have hit multi-year highs in recent weeks on a belief that US supply is on its way down. That was back ... read more


OIL AND GAS
NATO's missile defense capability set for modernization

US Missile Defense System Beset by Delays

US Awards $600 Million for NATO's Ballistic Missile Defense Kill Vehicle

Teledyne to provide missile defense test and evaluation services

OIL AND GAS
French FREMM frigate test fires cruise missile

U.S. Navy grants IOC status to missile variant

Japan, Norway seek U.S. missile buys

Lockheed Martin producing ATACMS for UAE

OIL AND GAS
'Euro-drone' project gets lift-off to challenge US

Russia to Receive Hundreds of New Drones Over Next Decade

Pentagon's Mysterious X-37B Space Drone Heads Back Into Orbit

'Cicadas': US military's new swarm of mini-drones

OIL AND GAS
Russian Radio-Electronic Forces to Conduct Drills in Armenian Mountains

Thales granted multiple-award IDIQ contract for Army radios

German ships receiving Indra's satellite communications terminals

French-Italian military communications satellite launched

OIL AND GAS
Australia enhancing Bushmaster self-defense capability

Israel buying $1.9 billion in smart bomb kits

Raytheon low-rate production of SDB II bomb looms closer

Naval Research Lab previews new body armor

OIL AND GAS
Putin Praises New Defense Equipment Shown During Victory Day Parade

Russia says will not sign 'weak' arms trade treaty

Obama picks new chiefs for US Army, Navy

French industrialist gives up Thales job in spat over Russia ties

OIL AND GAS
Xi tells Kerry: Pacific Ocean big enough for China and US

India's Modi tells China to 'reconsider' approach

Russia flexes Central Asia military might amid Afghan fears

Fighters captured in Ukraine admit to serving in Russia's army: OSCE

OIL AND GAS
Random nanowire configurations boost conductivity

Rice scientists use light to probe acoustic tuning in gold nanodisks

'Microcombing' creates stronger, more conductive carbon nanotube films

Chemists strike nano-gold with 4 new atomic structures




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.